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tv   Cavuto Coast to Coast  FOX Business  August 6, 2018 12:00pm-2:00pm EDT

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something like that? we came back again as of right now we're up 25 points, getting close to 25,500. connell mcshane. see what i do for you in. >> see if we hold it, stuart. i'm connell mcshane filling in for neil. we'll talk about some of the factors that could slow us down. we'll talk about tariffs here off the top. we'll talk about iran. a lot of news on iran today. hacking story coming up a little later on. we're on it. impacts wall street and your wallet. first to the president. arguing tariffs will help pay down our debt. that was his argument over the weekend. it comes as u.s. profits jumped
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estimated 23 1/2% in the three months ending in june for s&p 500 companies. to put it all together for us today, start with the fox business network senior correspondent charlie gasparino. makes him sound old, doesn't it. >> i am old. connell: nan hayworth, former congresswoman and fox business network's deirdre bolton. that's it. >> senior. connell: on profits, deirdre. we bet back in, talk about trade. some of the president's tweeting was interesting over the weekend, if you look at things here in monday in august trade concerns, things look great for some companies. >> as far as corporate earnings go, we see profits exceeding expectations if you look quarter on quarter close to 24%. if you look at revenue, better than 9%. we're on track to see the best earnings quarter since one of the quarters in 2008. connell: right. >> so super solid. i think what is also notable it is across all industries, right? it is energy, it is financial. it is tech of course last week.
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we talked about apple hitting trillion dollar market cap. connell: another all-time high today. >> we're seeing strength across all industries, as far as earnings go, no complains. the only little grumble, a lot of thats was pushed on by corporate tax cuts which may be like a sugar high. connell: yeah. >> but that said, if you're paying 21% on corporate taxes as opposed to 35 -- connell: nan, shaking her head. she doesn't think it will fade. president's tweeting on trade, charlie. >> give me exactly what he said. connell: tariffs working big time is quote from one of the other tweet. >> there was one even dumber than that one. connell: the idea of tariffs being used to pay down our debt, when i think we all know -- >> cross category issue. connell: attack on consumers. >> the economy looks really good. you would think the president would talk about that instead of some of this stuff. this stuff is illogical. let's be fair here. not fair, put it all in context. the couple years ago the enemies
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of the people were terrorists, not journalists. now journalists are the enemies of the people. tariffs will help pay down the debt, which makes no economic sense a nonsequitor to top the other non-sequitur. my point, that you have to sort of delineate what this guy says, often absurd about the economy -- connell: from what is actually happening? >> what he actually does. i think that is, i have a lot of friends in the business journal, how can you do that, he is the president. if he is saying these things must reflect in policy, it really hasn't yet. now it might. connell: in some areas, it does. >> you were out in texas, there are places where it is starting to hit in some of those industries affected -- connell: we were talking about the oil business. that is a place where things are absolutely booming but those guys i was on the rig with, yeah the tariffs are issue with us,
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they described it as kind of a nuisance. it is raising their costs, but the economy is so strong they can withstand the nuisance. we're hearing a lot from people that things are so good, ordinarily bothering us more, not bother us as much. >> that is true. the president deregulated from day one. the tax cuts came along about a year later. those are powerful stimulus for business and they are. of the president rated rhetorical war, no question about it. >> not rhetorical has impact. it makes no sense. >> i understand. it is not meaningless. connell: tariff talk, idea paying down our debt is nonsensical? >> i think the president is helping us to have healthier way to approach deficits and debt -- because we don't have majority, controlling majority of gop in the senate. we can talk effect. >> what? >> president wanted to fund our
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military and in order to get that passed we had to give the democrats a lot of -- >> hold it, hold it. >> that is true. >> no. here is what is true, nan. this president did almost nothing for deficit control. he never campaigned on it. never addressed it. never submitted a budget that took it on. >> mick mulvaney is a strong budget cutter but he is up against a lot of different forces -- >> he is the president. >> the healthy way to attach debt and deficit around grow revenues. >> you can't sit here and say that donald trump has ever been a deficit hawk? that is totally divorced -- >> charles, i'm not calling him a deficit hawk. but what i'm saying is, what i'm saying is, the healthy way to increase revenue streams without confiscating more from the american peel, we increase revenue streams, deregulating cutting taxes. he is doing that. connell: roll this back a little bit get back to the trade issue. china through the state media slammed the president for what he described as extortion.
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our market since the election, chinese market has been slumping. that on this trade war brings us to the idea, second a ago. we can with stand some of this. argument, the chinese haven't blinked yet. >> in the past they haven't attacked president trump personally. he is doing street fighter style deceitful drama, in quotes of extortion shun and intimidation, it ends the u.s. put itself and china into zero-sum game. they have been attacking him personally in a way they haven't before. i think this is ratcheted up a little bit. connell: right. >> to the extent they can withstand, i'm not so sure. talking about our consumer class, 2/3 of our gdp. they don't have that strength. we consume 80% of what we produce. they are a little more isolated.
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their economy before the trade tiff was showing signs -- telling people they can't move too much money around 20%. they're actually trying to -- >> what do they have a hammer to make them change policy? would you essentially -- i'm not saying they want prolonged economic, economic calamity there. it is not really economic calamity, there having mild, i don't know if they have a recession. they have plenty positive gdp. >> it is way down from what it was. >> way down but need faster growth, there is a lot of poor people in china, let's face it. connell: yes, sir. a lot of everything in china. >> what is the thing that puts the hammer to u.s. politicians on policy? it is elections. we'll have a election in couple months. >> which china doesn't have to worry about. >> he is president for life. that said i think obviously absurd the chinese would call us out on anything given their record. >> takes one to know one, charles. >> takes no one to no one.
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trump administration has not taken effort to isolate them. they have gotten out of tpp isolated european trading partners. he is going after mexico and canada on small stuff. you know, the whole notion of, if you identified one bad actor in the world, it's china. if you can -- connell: everybody could agree. but not everybody working together to go after them. >> not even that. he is working against everybody. connell: and driving them into hands of other people. give you two quotes from the china daily editorial. they talk tough an long-time friends. face of bullying of the donald trump administration, beijing must remain sober-minded. never let emotion respond to reason when deciding how to respond to the u.s. administration's unreasonable incensable self-promoting hullabaloo. nan, before you respond,
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resource on big projects. people's tenacity and enduring hardships, steadiness institute reform, opening up policies, what, the country can survive a trade war. their argument is that they can we'll ride this out a long time. >> the chinese culture demands that leaders save face. connell: yeah. >> so one thing that the president's verying a agressive trade policies is doing is allowing president trump plenty of room to dial back some of what he is doing so that he can allow china's leaders on some way to save face. the chinese have definitely, they have political pain points albeit much less immediate than ours. we have more economic strength to withstand but we don't want to do it politically. connell: assumes that the president will cut out there. >> we have to look at our economy in context. you were out in texas where it
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is booming. it has been booming for eight years, a lot of reasons -- connell: even more the last two or three. >> because of state fiscal policies, because it, people leave, businesses leaving california. take texas kind of out it in real pockets of growth we have, if you look at the u.s. economy as a whole, gdp came out the low end of the range. connell: so pretty good though. >> pretty good. helped by one-time circumstances like trade. connell: it is your argument that it fades? >> i don't know. the one thing, if you look wage growth, about where it was under obama. >> still sluggish. >> 2.7% is the number that pops in my head but i could be wrong. if you take the u.s. economy as a whole, you have to be careful about this, donald trump might be overplaying his hand on this if we come back to two or 3% growth in the next quarter -- >> a lot, politically a lot will depend on when it happens, 2020. >> if you don't sustain 3% growth, one other thing, a little more, the deficit blows
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out and you get higher interest rates. these are things -- connell: deficit hawk for the president. listening to nan? >> deregulation and tax cuts on basis for everything that the president is doing is a stronger economy because we have deregulation. >> got to get 3% growth regularly. connell: despite gasparino's hullabaloo, who knew hullabaloo could be translated from mandarin. in a moment the white house detailing plans to resume sanctions on iran. what that means for the oil market when we come back. ♪ ♪ ♪ i can do more to lower my a1c. because my body can still make its own insulin. and i take trulicity once a week to activate my body to release it, like it's supposed to. trulicity is not insulin.
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connell: the white house detailing plans to reimpose iranian sanctions. those will go back in place after midnight tonight. blake burman is all over that story as we would expect him to be. blake today is live in the great state of new jersey following the president on his working vacation. hello, blake. reporter: just down the road from you, hi, there, connell. you remember when the president pulled the united states out of the iran nuclear deal back in may that set forth a timeline which sanctions would be reimposed on iran and that timeline begins tonight at midnight. let me sort of tick through some of the sanctions here, at least
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the first batch that will go into place hours from now. buying and selling iranian currency and buying iranian sovereign debt. buying industrials metals like steel, aluminum and coal, and iran auto sector is the focus as well. on november 4th, that will include sanctions targeting transactions with the iranian send tall bank, and port operators and shipping industry and petroleum related transactions. that is when iran's energy sector becomes a target. here is the president's national security advisor john bolton moments ago on this first patch. >> our policy is not regime change but we want to put unprecedented pleasure on the government of iran to change behavior. so far they have shown no indication they're prepared to do that. reporter: as you know, connell, many nations in europe, at least all of them i believe are still a part of the iran nuclear deal
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and what the administration is tying to do to tell the governments, specifically companies over there, they shouldn't be doing business with iran. instead they should be doing business with the united states. and this was the warning from president trump in his statement earlier this morning. he wrote, and i quote, individuals or entities that fail to wiped down activities with iran risk severe consequences. by the way, connell, several is administration officials are still saying on this day that the president is willing to meet with iranian leadership so long as iran changes its behavior, not only within its borders but within that region as well. connell: those would be some conditions. not unconditional meeting as we heard on in the past. reporter: yeah. connell: president is keeping fairly low profile, right, blake? we have a statement and picture, is that it, from new jersey? reporter: statement and a picture. only one thing on the public schedule today, tomorrow, wednesday, thursday, as well. lovely weather out here.
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probably a good day for golf. connell: i wasto say, i know you're a big golfer, if you get a round in yourself we have your reports to look forward meantime maybe before dark. oil exports are expected to fall sharply because of sanctions, will that lead to further gains for the price of oil which is up $1.27 a barrel today? we have former shell oil president john hofmeister joining us. thanks for joining us, john. what do you think the sanctions mean specifically for the oil? >> this the first instance it means volatility because nobody knows for sure how much leakage will be on the iroil front. hough iranian oil will get into the market. i suspect bad actors like china will disregard sanctions, continue to buy iranian oil because it will be cheaper than regular market priced oil. particularly as global demand continues to grow, as we still
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suffer the effects of the 2014 to 2018 cutback in capital spending, which means new oil is way out into the distance compared to where it would have been had we not seen the drop in oil price. connell: go ahead. i'm sorry to cut you off. >> go ahead. connell: you mentioned china being a bad actor. struck by blake's reporting there, talking about some of our european allies who want the iran nuclear deal to stay in place. you wonder how they will continue an move forward, either do business or not with the iranians? >> i think some of the european countries see iran as a big market for them. connell: yeah. >> germany in particular, france, also. i think we'll see leakage on that side too. officially the governments will respect the u.s. sanctions but i don't think they will take any actions against companies that might not respect the sanctions in the same way. connell: how big of a deal is iran in 2018 in the oil market?
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>> well it is not that big a deal overall except that there are two to three million barrel-a-day producer. if you suddenly don't have that amount of oil in the market, all of sudden you're looking at a spike but i think probably half or more of that oil will probably stay in the market from my point of view. connell: okay. now another point on china of the we were talking about them a moment ago but the chinese are threatening tariffs and one of the items they're threatening tariffs on is oil and other is liquified natural gas. does this have a big impact on our, trying to be, as independent energywise as we can, trying to export oil and liquified natural gas to other countries? what is the impact of the threat to the chinese? >> i think this is, could well be a case of china cutting off its nose to make its face prettier. i mean that tongue-in-cheek. the reality china needs natural gas.
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they need the cleanliness that comes from natural gadd. it's a filthy environment in china. it could really benefit from natural gas. so whether it is all bluff and blarney at this point, in terms of the rhetoric, we'll see. but the world market for liquified natural gas is only going to grow. connell: right. >> china's tariffs only hurt china. it doesn't hurt us because we'll have markets elsewhere. connell: we will. >> in addition, i think this is critically important, the opportunity for the u.s. to move towards natural gas fuels in our transportation system means natural gas produce is in the united states frankly have nothing to worry about in earls it of market growth. there is a huge opportunity not only for lng and cng for transportation but ethanol and methanol for transportation which will be beneficial to american consumers because it demuchs that us from opec oil where we still import seven million barrels a day. shifting to natural gas produces that new market and reduces the
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price of transportation fuel and it is cleaner. so it win, win, win, all the way around. if we use natural gas that don't go into ln-f for transportation fuel. connell: that is very interesting side story. the chinese you don't think have the power even with all their people to hurt us very much here or is what you're saying if there is any impact it will be just short term? >> i think it will be short term because china really does need natural gas. the u.s. is going to be a major global supplier. if they want to price themselves out of buying american natural gas, go to it. it will only hurt the chinese. connell: interesting, john. good as always to talk to you, john hofmeister. thanks for coming on. appreciate it. >> thank you. connell: we have the president out there describing as what he described a red wave. forget the blue wave. red wave says the president in november. bus he need to be riding the economic wave we talked about a few minutes ago to keep his party safely in power?
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blue wave? [booing] i don't think so. if the democrats get in, they're going to raise your taxes, you will have crime all over the place. you will have people pouring across the border. so why would that be a blue wave? i think it could be a red wave. tell you what? [cheering] i think it should be a red wave. we're doing better in all of these states than we did on election night. much better. connell: so the president apparently sees possibility of a red wave as he ramps up his midterm campaigning here in the summer. does he have the right strategy though in doing so? some say he needs to stick more to the economy which has been quite strong and avoid attacking his two favorite targets especially lately, the media and
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robert mueller at these rallies. let's go to "real clear politics" founder tom bevin. whether the president is getting that right. what is your view on that, tom? >> the president is trying to rev up the base. midterms are about base turnout. democrats are energized to stop trump and take back control of both houses. trump is doing what he can to rev up his base. whether the trump's connection with the voters places around the country, translates to republican candidates. when they will turn out on his behalf. the evidence is sort of mixed. we'll get a better understanding tomorrow in ohio, in this special election to see whether, he was there over the weekend trying to rev up turnout on behalf of troy balderson. connell: that is republican district. the one the president won fairly easily. we look at candidates vying for
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the seat. sometimes we overdo this, this is good test for november, isn't it? >> specs -- special elections, this is republican district not voted for democrat by decades, and by all evidence is pretty now close, trump put his clout on the line to get troy balderson across and keep it in republican hands f the republicans lose the district, it will put them in panic mode, if they're not already in panic mode with the election 75, 80 days. connell: there is big difference between a primary and general election. is there evidence to support that the his endorsement means those races. it matters in primaries. we've seen him be a king maker. >> in the general, general election, not as much. more after mixed bag, alabama
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senate for one example so we'll see. trump has the pennsylvania election earlier, special election, didn't work out for him there. again this one will bepy all accounts, this one will be close. he will take credit forfeit balderson wins. connell: of course. >> of course. avoid responsibility if balderson loses. connell: it will be interesting to see how this all plays out because the president is still quite popular in places that he won. he was just saying, one of those sound bites that he played there, we're quote, unquote, doing better than when we won. is there evidence to support that he is more popular in some of these places? >> depends where you look. standing among republicans is very high,88%. higher than any republican in history other than george bush after 9/11. the problem for trump, will be won or lost in the house is
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suburban districts around the country. he is not as popular there. that is conundrum for candidates, whether they bring him in to campaign or keep their distance from him. obviously if they do that, that could dampen turnout, that is what they don't want to see happen in this election. connell: if they do that, also, they risk as you look at the president's approval rating they risk an angry tweet from the white house or new jersey. >> don't want that. connell: certainly not if you're a republican running. finally, tom, on quote, red wave, the president used that line at the rally, what do you think that means, not to him, what would it mean to republicans? just hanging on to power, would that constitute a quote, unquote red wave the way things are now? >> that is a good question. certainly i think the red wave would be picking up seats in the senate and holding on, holding on to control in the house. right now look likes democrats are slight favorites to take the house. republicans are probably slight favorites to hold the senate. a lot can change in the last 90
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days. if you go back and look, real clear politics average generic ballot, moved 1 1/2 points to 3 1/2 points over last 90 days for election. there is time to move in favor of republicans if they get more energized or move away from them that would result in more after blue wave happening which could put the senate happening. connell: that generic is 6? >> 6.9. democrats need 23 seats? the house. connell: thank you, tom bevan. stuart was joking around end of his show the market is trending higher that continued last half an hour. we are up 60, 70 points. we turned around early losses, maybe some trade fears creeping in on monday. interesting story coming up on facebook, reportedly asking big banks for your financial information. we'll have that next. the employee of the year, anna.
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>> welcome back to "cavuto: coast to coast." i'm nicole petallides and we're taking a look at markets moving to session highs here. in fact, like at names leading the dow jones industrial average. when all 10 sectors are in the green, you take a look at names like disney and goldman sachs and caterpillar, you're seeing all up arrows here as disney hits a three-year high. those few names alone contributing about 40 dow points and we are seeing disney at a three-year high. it will report its quarterly numbers tomorrow after the bell. disney hit a high of 116.50. we've seen the optimism on earnings all across the board. when we take a look at major market averages we can see the dow, s&p, are gaining right now as has been nasdaq. over the last five weeks the dow has been up 1200 dow points.
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the s&p is about a percent away from record territory. so that's really interesting. and everybody i've been speaking with continue to quote the earnings optimism, the healthy economy. that is what they're focusing the optimism. take a look also at apple, which hit the trillion dollar mark. likely to see 19th record close as it hit a new record all-time high. connell. connell: today, another record for apple. turned into a pretty good day on wall street, turning around earlier losses good to see you, nicole. >> thank you. connell: "wall street journal" story that reporting that facebook is asking country's largest banks to share financial information about their customers. let's find out more. adam shapiro is in the newsroom. what can you tell us, adam? reporter: i reached out to facebook. haven't learned back from them but what the journal was reporting perhaps negotiations between facebook and some of the largest banks, jpmorgan chase, wells fargo, citigroup, u.s.
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bancorp, to somehow partner with facebook, you can check your accounts and do transactions via messenger app. messenger has 1.3 billion monthly active users. there is huge audience for facebook and potentially customers. part of the problem this would in some people's minds open up your banking information to privacy concerns, data privacy concerns. there is a quote in the journal from elizabeth diana, who is a spokesperson for facebook saying we don't use purchase data from banks or credit card companies for advertising. one of the benefits, if you use venmo or some different banking apps, your information is already in the digital realm. would messenger provide you more easy form of access? you could check your account balances and perhaps even help fist book -- facebook transition
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to a platform that would allow you to purchase stuff. facebook, lost 120 billion last week in market cap. they have to figure out how to get that back. connell: hopefully facebook is calling you back. that is a good point about veno. we focus so much on privacy, but businesswise there is angle to get in there with facebook. reporter: facebook with, the cambridge analytica problem, but then you look at venmo with paypal. your data is out there. already used in a way facebook is trying to partners with the banks. connell: thanks, adam. we bring in shanna glenser, tech analyst. thanks for coming on. go right to what adam is talking about there. maybe this is logical for facebook but people will be screaming about privacy. >> with facebook's play into
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e-commerce, doesn't surprise me they want want to be in partnerp with banks. on the flip side, the banks see mobile commerce and e-commerce a huge opportunity for them. they're struggling to get customers to use their own platform. they're on paypal or venmo. they're not using the banks own tools to conduct commerce on mobile devices there. is upside for them as well, despite these privacy concerns. connell: timingwise though, if you see a headline as we all did in the journal, a little bit earlier today, saying that facebook wants, is negotiating with big banks to get our information, after everything facebook is into. that is awkward one to put out there, having to try to explain it. if you're facebook from a privacy perspective? >> these conversations sound like they have been going on for about a year. connell: yeah. >> timing is everything and with all the hits facebook has been taking this is certainly awkward
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time for this to come out but you can see with so much transaction happening on mobile devices and shopping happening, i bought two transactions yesterday on my mobile device to shop, you can see how it is attractive for facebook to be in this position and for banks to potentially get more customers on their sites. connell: would you personally, forget the analyst side, would you be personally okay with this? a lot of us use venmo and apple pay because it is so fast, would you be okay with something like this as well or the idea of facebook being involved with it scare you off? >> personally i would be okay with it. connell: okay. >> would my father be okay with it? no. he is facebook user but probably not. connell: interesting to see how it goes. it depends on demographics. younger people have become okay giving away a lot of this. connell: stay with you for a moment, switch gears to talk about twitter.
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facebook sunday fire or twitter is under fire for suspending the account of candace owens. owens copied tweets from controversial "new york times" editor sarah jeong, she made changes to the tweets and her account was suspended. eric, this issue is one we're talking about for a while. the idea of conservatives shadow banned or outright banned on some special media platforms, in particular twitter. what does it say to you? >> there seems to be a double standard. the idea how will twitter regulate free speech or hate speech? seems conservatives get the short end of the stick each and every single time because i don't think the tech community can be racist or prejudiced against conservatives. they don't think any kind of hate speech happens. the sarah jeong case just because she is from
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"the new york times" does not make these statements credible or racist statements. there is a double standard when a conservative like candace owens is banned. this is -- connell: candace owens changed the race in the tweets to make a point. after sarah jeong was not banned, after the race was changed, all of sudden candace owens was banned. do you see what eric is saying? does that make sense or this is technical glitch? >> over the past year twitter has faced a lot of criticisms about hate speech and inciting violence and just all-out abuse and bullying on twitter. they have made some changes in the past year that i think you're seeing some of the unintended consequences of in situations like candace owens. even last week -- connell: because there is built-in political bias? that is the rub on silicon valley, there are too many liberal people there, they don't see the world in a different way? >> i personally don't believe
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that is true. i think what you're seeing here, they are taking, potentially taken too many steps to counter correct an issue, twitter is a hateful place for a lot of people. connell: oh, yeah. >> what we're seeing here precautions they put in place working against people that are expressing themselves in a way that shouldn't potentially be censored but is because of these precautions and algorithms putting in place. connell: do you want to counterthat, that eric. >> the reverse is true. why didn't miss jeong tweet come down or her twitter account come down? reality these are publicly-traded companies, we should all be worried about our private sir, not only our privacy but the idea these companies are the biggest information dissemination around the world so when they have an agenda, whether global warming or illegal immigration, whatever that might be that comes through in their business services and when they're banning conservatives or anyone for that matter it needs to be a level
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playing field or don't do it at all. >> what is the company is saying twitter, no, this happens to liberals, this happens to democrats as well, but you don't see examples of that. that is why maybe eric does have a point here, shanna, if it was happening on both sides we would see more examples of the other way. seems more conservative than liberals were brought up. >> last week was one example with auto population, they gave example, they had explained that both democrats and conservatives were affected. passage of time of initial tweets sarah posted until now. some additional precautions in place. you know i don't know what is going on behind the scenes at twitter. i understand the concern and i understand the point here. connell: does make it stuff to stop real hate speech. highlights. real quick, eric. wrap it up. >> algorithm for twitter is, more upset their users are, that is how they determine taking
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down content. we know that liberals are unhinged, out there on twitter all the time. just because they're upset doesn't mean you have to take down free speech. >> not sure about that. connell: i don't know if it is that or not, strike as lot of people fairly strange that more conservative examples being brought up. whether that is the culture, whatever it is, we'll bring it to light. eric, shanna, thanks very much. we appreciate it. >> thanks, connell, ales -- wells fargo in the news. software glitch may have caused hundreds of unwarranted home foreclosures. you don't want that. a get a new! when it's time for your old chevy truck to become their new chevy truck, there's truck month. get 10 or 14 percent below msrp on 2018 silverado pickups when you finance with
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and your coverage goes with you, anywhere you travel in the country. we have grandkids out of state. they love our long visits. not sure about their parents, though. call unitedhealthcare and ask for your free decision guide today. connell: we're back on "cavuto: coast to coast." look at facebook shares. they're up today. i was right for a change. that was facebook calling adam shapiro live on the air couple minutes ago. they gave him a statement via email. i will read a short snippet of it, the recent "wall street journal" story implies incorrectly that we're actively asking financial services companies for financial transaction data. this is not true, says facebook. like many online companies we partner with banks and credit card companies to offer services like customer chat or account management. there is a little more to it than that. we'll stay on it with more throughout the day on fbn.
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wanted to pass along a statement came in via adam's cell phone on the air. stock is up. now let's look at this. >> read the dossier, read the carter page warrant. the dossier is a joke t was done as opo research. in the carter page, this is threat to american civil liberties. that is what this investigation is more than anything else. connell: that was mark penn over the weekend as president is using his rallies to criticize the mueller investigation. is this all a distraction is one of the things we want to take on for the gop ahead of the midterms. we have terrific panel here with us. former press secretary for the vice president mark loter. and campus reform editor-in-chief, lawrence jones. and antjuan seawright. antwan, we start with you, what
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do you make of it? >> borrowing words from the former governor of south carolina and the u.n. ambassador, i think mark penn may just have things a bit confused. what we do know about this investigation is that it has resulted, has resulted in convictions. it has resulted in guilty pleas t resulted in some indicts and bipartisan support from the left and the right, house and senate that the special prosecutor must continue his work, needs to continue his work and american people deserve to know what happened during the course of the election. we all deserve to know whether the trump campaign had collusion or bummed up against the russians during the -- >> not a crime. connell: not a crime. whatever you think of the investigation itself, marc, it is interesting whether or not talking about it, even when not prompted, president's tweets about the don, jr., somewhere -- >> admitting to guilt. connell: he would be better off, marc, even if you're not guilty,
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better off focusing say the economy which is doing great. >> this is president who believes in speaking his mind. he is always going to do that. the one thing that antwan didn't say none of these indictments of americans involved collusion. they're involving crimes with nothing to do with the trump campaign. >> i did say let him finish. >> a former liberal harvard professor, former hillary clinton supporter, actually said moment that we actually try to create crimes and target a president because we disagree with him politically is an endangerment of our democracy. >> who said that? connell: before antwan comes back, give lawrence a, he said no crime. what were you saying, lawrence. >> there is no crime. collusion is not a crime. there is no statute. connell: everybody says that is brought up, but the conspiracy, that would be some sort of crime -- >> it is a lot of speculation, there is also this term that the fact that robert mueller wants to look into a obstruction of
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justice when the constitution gives the president the right to fire anyone in the executive branch. and so, we may be headed toward as constitutional crisis. the fact that former attorney general, deputy attorney general is looking into something when the president has the power to do it. so this entire investigation is mess. connell: i know you tried to jump in a couple times, antwan. what were you saying? >> i was saying my friend and lawrence and my other friend on this panel think the special prosecutor is simply supposed to ignore any crimes that he come across as he doing his work. we don't know what the end result is going to be. that is why you heard rubio say yesterday, let him finish his work. connell: right. >> we heard that -- >> how long is it going to take? >> that is not up to you and me to decide. that is up up to the special prosecutor to decide. as an american you should want to know what happened in the 2016. >> i do know what happened.
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connell: people want to know, i will go back finish on this point, mark, it does keep coming up and over and over. maybe the president, there is something to the president's logic in this, he can fire up the base by talking about witch-hunt, maybe he thinks it is good politics. i wonder whether it is. >> it keeps the base fired up because they know it is witch-hunt. there is still no evidence of collusion. but at same time -- they can walk chew gum at same time. we can also talk about the economy. we can talk bull at economic, all these things. connell: we try to fit it all in. thanks to all three of you. speaking fit of all in. fit in a quick commercial. we'll come back with more at top of the hour.
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so you won't miss a purchase large, small, or very large. technology this helpful...could make history. what's in your wallet? connell: we are back for our our number two of cavuto coast to coast. i am connell mcshane filling in for neil. some earnings optimism working its way in here, the president has come out and said that tariffs are working big-time although china's state media says the president is trying to extort the country. there certainly tariffs and trade worry concerns out there. again, markets brushing it off for now. edward lawrence covering at all and joins us now from washington with the latest on the trade front. >> china is just not backing
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down and it doesn't seem like they're planning to sit down anytime soon regardless of the reports that have been out there. the chinese state media reference said they're ready for a pro-tax did prolonged war over trade. in fact, reports say chinese people are ready to endorse economic hardship in order to stop the u.s. from crashing their economic dominance. now, this comes as the chinese announced retaliation tariffs to our 25% tariffs the president is putting on $200 worth of goods coming into this country appeared china retaliating in very different, very specific sectors. first-come energy specifically with liquefied natural gas. also, the mining sector appeared china trying to the president where it hurts. the president tweeting out today saying the great financial numbers being announced on an almost daily basis. the economy has never been better. jobs at the best point in history fixing our terrible trade deals is a priority and
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going very well. he continues to get support from being affected by those tariffs farmers and other supporting him with the presidency is a tariffs. >> let's face it. president trump has had a tremendous impact on this entire trade debate and i think he's winning. he's had an effect on the chinese market and president trump wants to protect our intellectual property and he wants us to win. >> that includes winning on to revise nafta. they will try and work on the last three issues. they have with the u.s. they will be taken to the canadians to see if they would like to sign onto it. he will see in principle the deal on nafta by the end of august. tree terrace. back to you.
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>> in terms of a trade win. the big picture with china is showing signs of slowing down. neither is the economy here at home. corporate profits have been soaring. if any of this could be i'm done. all the good we see in the economy by the trade war. editor and publisher with us today. alliance president david williams also joins us in financial advisor michelle mckinnon. welcome to you all. we will start with you. you hear from people all the time that this trade were stuff makes no economic sense, on and on. it is cleared up from time to time, but markets all told have held up. why? >> the economy here in the united states is stronger than anybody might have imagined. i will give the president some
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credit. they've done a great deal. the only thing we have to worry about his rising wages. i am as concerned about the attacks upon free trade is almost anybody i constantly get frightened by the fact this is a very slippery slope. thus far it seems to have been inconsequential. eventually it's all become consequential. profitability can be a long broadcast them. it will be important when it becomes important in until it becomes important apparently it's not. connell: deep thoughts of the day. you're absolutely right about that. that's always the case with markets. it matters when it matters in so far as i said it not that it doesn't. sometimes it does are sometimes racing smaller stocks outperform. we've seen all that happen from time to time. she done at this point, and manners. they are willing to wait this out for a long time and even in
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market at what point will u.s. investors look at this if it drags on and say now it matters. >> i really don't think you'll see a trade war because it doesn't benefit any party. look at the chinese. a lot of rhetoric coming up from china this weekend. however -- trade two i should've done this right away. what is the trade were to you? tariffs going back and forth. what you mean by we are not going to have a trade war? >> weimar escalation in regard to tariffs and right now they are relatively small in the grave game. however, when you look at the chinese slowdown come and they can benefit from a trade war. not only are they seen lower infrastructure spending, but also dealing with debt financing. and they have a lot of issues at home they have to deal with. >> that's true. the chinese stock market has been taking a hit and all the rest of it.
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let me ask you a logical question of how you see terrorists based on what the president's comments were saying everything is going great essentially and we pay down our debt. we've known for a long time or thought we knew. they have attacks on american consumers. the president is campaigning for tax hikes. what is your take away from not? >> he is talking about subsidies, which means that we have to borrow money from the chinese to pay for the subsidies because of our tariffs on chinese products. it is a twist of logic and whether it's a tax increase or borrowing from the chinese i don't see this ending well. the economy is chugging along, but the president is playing a game of chicken with the economy. we have tax reform, regulatory reform. why do this and put all the
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things in peril when you don't have to. this is amazing. >> i don't know other than the logic is now in the time when you've built up a little bit of a cushion in the traditional argument is there's no good time for a trade war, but the thinking is we do have a great economy and if we do this we can withstand this more than the chinese skin. >> they were talking about trade repercussions a year and half ago when the administration first took power before the economy was on the upside. at that point as my friend brian westbrook calls it, now we are resourcing economy. they were planning these things before that. this is part of the president's appeal to his base and this is what i find disconcerting and i don't think it's going to be going away anytime soon and it's a slippery slope. let's hope somebody get a footing in and stops the
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silliness because is silly. >> have you changed your investment strategy as a result? day after day of all-time highs. >> i was shorted stocks. i thought the trade problems are going to be terribly depressed about stock prices but clearly i was wrong. i've been in the business 40 years when the market shows you your wrong come the obese go to the sidelines. stocks want to go higher despite all of the trade repercussions. i'm not going to fight it. >> that's the smart thing to do. what about you from an investment point of view? >> absolutely not. i'm an extremely bullish on i think the foreign markets have a lot of optimism. what happens if we actually do get a free trade deal? think about that in the secular growth that could have been. a lot of positive news that could have been. connell: edwards is talking about this here this nafta came
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together common that would be another boost to the market? >> absolutely. connell: what you think? you be the best one we can hope for. the president politically will want to claim victories and move on to the chinese lass. i think that's the logic. >> that is why nafta is so important because he wants to have a victory. we had the true at the transpacific partnership that he said no to. he had these free trade agreements. we have trade for martian in place. that's what you would think. we are hoping he goes back to tpp and open of trade not only with nafta, the transpacific hardener ship. connell: i don't see that happening anytime soon. you can find it all you want,
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but the dow was up 73. we have a strong economy from a macro basis. companies making a lot of money and stock prices are we not. the president got the windows back in a lot of ways economically. thanks to all three of you. we appreciate you coming on. good logic and good conversation about all these issues reared the dow up 74 back on the market beat in a moment. the president on the campaign trail trying to fire up the base as we were mentioning there. is the economic message getting drowned out by that? are all rove on that and more in just a minute. plus iran sanctions going back in place and about to kick in at midnight tonight with all the concern on oil prices. we'll talk about it from that is. stay with us on caputo coast-to-coast. -- "cavuto." the fact is, there are over ninety-six
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connell: roosting a time and time again president trump firing up his days on the campaign trail stemming bob mueller, slamming the media, slamming the democrats. is he touting his economic message but enough to stop a blue wave in november. karl rove about the bush 43 deputy chief of staff.
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you think the president's gone too far with attacks on the media. >> well, i think it is over the top. the question is is it constructive and the answer is no. the rally showed that the hard-core love this. when he goes after the media hammer and tong, they love the period they are not going to decide the outcome of the election. take the fox news poll in july. 46% of the registered voters approve of the job the president is doing. but the strongly approve, that is based. those are the people showing up at those rallies. 28% strongly approved. 41% strongly disapprove per the president has to do more to get 18% of somewhat approve. i don't think these attacks on the media do it. they didn't work for george h.w. bush in 1992 when i have a much milder version which was annoyed the media, vote for bush. i don't think they do it when he caused the media could one
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president trump calls the media the enemy of the people today. >> mal does not even the word. that is quite the change. so, i've been with real clear politics is with us last hour or started to into this and what the president can be most event. pennsylvania and the special elections, his effectiveness in campaigning in the general election seems somewhat limited. tomorrow in ohio will find out. >> we will. if the white house wants to come out of the election with the wind at their backs, first of all they need to restrain the president from talking about a red wave. in 2002, republicans gained seats in george w. bush president, republicans in the house and senate. 1998 under impeachment. a backlash to it. democrats gain seats in the house. don't gain in the senate.
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the previous time was 1934 in the midst of the depression with fdr when the democrats gain seats in the house and senate are the party in power loses seats. they might gain seats in the senate, but they are going to lose seats in the u.s. house, statewide offices. the president will be better positioned by saying we've got an uphill climb and we are doing everything we can. connell: we will hold on to the house. you have to lose are not lose 23. so what is the strategy. you don't think the enemy of the people stuff and getting them fired up at the media. where should they be doing? >> again in the july fox news poll, the president asked the voters the only issue of what
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she was about water with the economy. friday morning we had good jobs number that we have provisions in june and may. average of 200,000 jobs over the year. unemployment dropped to 3.9. african-american and latino unemployment dropped. the percentage of workers, people entering the work force rising. at 11:37 p.m. he treats an attack connell: i was talking about this earlier. i was an oil rig in texas. there is interesting because they're mostly concerned they would support a candidate and they say these tweets are crazy. i am doing well. the economy as well. taxes have been coming down to that. i'm sure they're not the only
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one. i wanted to chew on trade before i let you go and play something first. the president has turned off concerns over the retaliation from the chinese. here in ohio at a rally that he wants lawmakers to back off in his own party. take a listen. connell: but i don't like it when a senator, who i like, a number of them or when a congress person who i like comes into the white house would really like you to stop treating this country so bad. we have a tremendous massive deficit. we are losing a lot of money. it doesn't matter. let me ask you a question. they are charging us a 50% tariffs. we are charging them a 20% tariff. do you think that's okay? no, sir. it's really not. what is free when they judge us and we can't judge them. what is going on here? >> another reissue still winning on his base. how does that play in traditional circles?
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>> what is interesting is the confusion on this. a mercantilist who believes the only good trade deal is one where you buy more from us than we buy from you. in favor of managed trade or is he a free trader. lowering obstacles, tariff barrier is a non-tariff barriers to the export of american goods abroad. i'm all for him. go do it. the cuts and deals. we are now nearly a year in three quarters into the term. george w. bush did yield with 13 countries. women have free trade agreements for 16 countries. george w. bush did 13 of them and we already had two of them. one of them done and the second one almost done. as close to a free trade deal with mexico. our goal is to reduce tariff barriers abroad to her terry is barriers and if you won't do that rather than starting a trade war, and particularly on
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chinese practice of stealing intellectual property, go to the wto with their out of trade allies and get those practices next. >> have you seen any data that would tell you he's getting hurt politically? >> missouri, indiana, north dakota. he won by 36 points in every single soybean contract from china. 85% of the soybeans to china. although those were canceled and they are scrambling to find additional market and prices are declining among soybeans down nearly 40% of their high down 20% from the time they begin canceling the contract. right now they are willing to give the president the benefit of the doubt. if we don't start seeing some results. connell: karl rove just to have some breaking news. real quick before we break, the
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ceo of nascar, brian france has been arrested could this have been in long island in sag harbor. it's a dui. also possession of a controlled substance. he's been in that position since 2003. arrested last night. we will be right back.
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>> nobody knows for sure how much leakage there will be on the oil front. that is how much iranian oil was going to the market. i suspect certain that i recite china will disregard the u.s. sanctions and continue to buy iranian oil because it will be cheaper than regular market parts oil. overall it is worrisome particularly as global demand continues to grow. connell: mr. hofmeister joining us last hour. the price of oil up today. i've been sanctioned set to kick in. market watcher -- what do you think with iran factored in as
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well, larry? >> well, a weekend full of all kind of strife, iran included, venezuela, apparently a target of a drone attack. civil unrest in iraq and now iran is kind of old news, but not exactly old news that said, we have to remember the oil price is still down in the last month. two by 5% in the last month. over the last five days, basically unchanged. we are getting used to these headlines. i for one don't think oil prices will continue to go higher. even a lower oil price the next couple months. >> what leads to that because of the economic news on a micro basis has been positive that the economy here will continue to hum along. but we do a pullback in demand? >> a few things. when you look at global growth, pmi, industrial production were
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diverging. they are moderating. not saying they are stalling out forever. keep in mind oil prices in a lot of markets around the world are well over $100 a barrel so the commanders on is muted. thirdly, when you think of demand growth, we are still running at a red-hot pace of 125% per year. tenure averages just over 1%. i can't see that continuing in the global growth cycle. connell: more issues overseas rather than domestically? >> yeah, absolutely. that will affect us down the chain with a domino effect. but outside, and we do have logjams in the lower 48 as we speak and i really do believe in my lower oil prices per year. good to talk to you today. news coming out.
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iranian president hassan rouhani seine the u.s. must prove that it must resolve problems through talks with the iranian continue to protest at the new u.s. sanctions. let's bring in peter brooks, former bush 43 defense official on iran. i guess we can be trusted before they are put in place. not sure we can dignify that were talk about it at all. would you make make of what the president is doing here sanctions lies. they negotiate a better iranian deal. is this the right way to do it. they can be intransigent. in fact, i was encouraged by what the president is saying about coming back to the table. the president said he would meet with them without conditions. go back into the nuclear deal
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and we will talk to you. i didn't get a chance to see what he said. based on how you give it to me, that could be progress. this is the first shot across the bow. this affects things like aviation, auto, currency issues. the real heavy sanctions come next month on november 4th when it goes after the energy sector, which will really hurt iran because iran in many ways relies on its energy sector for its government coffers. connell: he didn't say much by the way today. a very short appearance the white house sent out a picture of reading into it that because of what happened as you pointed out with all the talk about whether there would be a meeting or not can you hammer them with the sanctions and they have no choice. social unrest which worries. there is food shortages, lack of jobs for young people. there's a lot of pressure and
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this is what the sanctions were lifted. now when you put them back on its even harder. it is eating up a lot of their capital as well. they are involved in yemen, afghanistan, syria. this is a good way to bring them back to the table and talk about the shortcomings in the obama era nuclear deal. connell: what you think of the president may be sitting down with the iranian president? the white house didn't make it clear that he's open to that situation if it was right. is it in any circumstance a good idea? >> you see now with kim jong un. this can protect and advance american interests we should be open to it. once again it has to protect and we will look at the situation at the moment. it would be once again has stored good once again there's a lot of heavy lifting in dealing with the russians or the north koreans or the iranians. there's a lot of work to do besides meeting at the highest level. connell: because something is a
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store doesn't necessarily make it positive. i want to talk about venezuela because that was crazy over the weekend. the assassination plot against the president. there he is, nicholas maduro. the united its government has denied any involvement in this, but things are obviously a mess in venezuela. what is the significance? >> similar in some ways to the economic situation is terrible. 2 million people live in the last two years as of economic opportunity in shortages. like medicine, food. we've had inflation 1500%. over a million by the end of the year. tremendous social pressures they are and it's all self-imposed because of economic policies just like in iran. i'm not convinced this was an assassination plot. a lot of scapegoating going on. they blame the colombians as well. the usual suspects when it comes to anything going bad. this is self-imposed economic
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suicide on the part of the venezuela government, a country that in the past is one of the richest countries in latin america. connell: speaking of oil, they have it in venezuela and the resources to be a rich country, but the bottom line here is socialism is not the best economic policy. >> that's right. if it is government without free markets. i want to make them exactly the same. the fact is you see the same sort of situation. mismanagement, corruption and socialist policies will undermine tremendous comments for example of the energy are. connell: peter, good to see you. >> thanks for having me. connell: speaking of scary stories, how vulnerable is our power grid here in the united states? we have the details when we come back. don't go away.
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>> we're back with top u.s. officials pushing for new penalties on hackers who threaten electrical grid. hillary bond with the latest on that. >> for federal agencies are teaming up in this crack down against hackers targeting critical infrastructure in the u.s. the department of homeland security is partnering with treasury, state and defense department to secure our nation's networks from sponsored attacks pouring in from nations like russia, iran, north korea and china by creating an aggressive strategy of deterrence and retribution promising to track down the individual hackers behind the sniper attacks. u.s. officials are identifying the individual hackers and have a local authorities arrest them. the whole idea is to terror untrendy turbine actors are meddling with united states infrastructure triggered by a cyberattack were hackers gained access to the control rooms of
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u.s. electric utilities, giving them the power to cause blackouts. deterrence is an enough. the national infrastructure advisory council to the president says the threat to america's electrical grid is so serious the u.s. needs to be prepared for a catastrophic power outage and report to the president to counsel writes cyber is the sole arena where private companies at the front line of defense in a nation did attack on u.s. infrastructure. there is a narrow and fleeting window of opportunity before the watershed 9/11 level cyberattack could privately owned utility companies say they want more help from the military and should be entirely responsible to defend the nation's electrical grid on their own. connell: hillary, thanks to an important story. let's talk more about this threat against the grid. defense when technology patrick tucker joins us now. i was listening to hillary go
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through some of those issues, patrick. this need for us to be prepared for a catastrophic power outage. i just don't feel like we are, are we? the >> it's pointed out this is part of the reason why different government act yours, dhs, s. t. i have pinpointed this concern is a heightened area. dan coats, the direct your other national intelligence of this company in july has come out and talked about it blinking red light of threat posed against the u.s. infrastructure from state-sponsored attackers like potentially russia or iran or others. there's the question of how prepared we are and how prepared we can be. the question of how bad a catastrophic cyberattack can be, this is something we talk about in the speculated sense. the closest you can come to really grappling with this
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issues in a concrete way. there's a 2017 national academy of sciences report that says the worst-case scenario, we don't know for the most probable case, but worst-case power outage is perhaps across multiple states or sections of states for as long as weeks. devastating effects for vulnerable populations that are exposed to the elements. certainly huge come economic or civil effects as well. >> a good speech is worth watching for people who want to learn more about the kind of threats we face. it came right before trump hosted meeting in helsinki, which was definitely made in this country. from a technology point of view, i want to ask you about worst-case scenarios. we have heard about these for a number of years now, worst-case scenarios. something like that hasn't happened. maybe we are doing a decent job defending ourselves versus just look. >> the question of what context
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that would have been a sort of an open question. major tasks against agreements from some of these perpetrators in other countries has happened. in 2015, actors we now have associated with russia were able to knock out power in ukraine and the dead of winter for as long as six hours. that situation is unique number one ukraine and russia are in effect in conflict so it's not a conventional one. number two, they have a really complex energy relationship in many ways you can embarrass ukrainian government and pressure ukrainian populace closer to russia which can provide energy. and three, that attack happened over a very small period of time and that supports the actual kinetic hard warfare going on in the country. that's the same thing that would necessarily happen here from russia or any other act as part of a sneak attack. you would necessarily do that in isolation. connell: you're probably the worst of that in terms of
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entitlement that seems to be the consensus as much as china and other countries might not have the technology to do it. something this malicious might come from the russian spirit are they really trying to do this on a daily basis in what are they doing for the technology point of view? >> right now this is a reconnaissance effort. these types of information attacks, phishing attacks that we've seen associated with the effort, the dhs pinpointed in april in a big report. these are efforts to figure out and map the attack without exploiting it. a big difference from the way we see the russians use information that they gain is part of political attacks. this is reconnaissance and laying the foundation potentially for some sort of thing that would happen in a worst-case scenario. the real danger in many ways is that this probing causes an
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accident, some sort of catastrophic event that neither party really foresees. for example, 2015 the department of justice indicted iranian hackers, one of whom looking at different software vulnerabilities and infrastructure settings in favor to operate remotely aspects of the dam in new york. the potential for a real accident perhaps not intended by either side is definitely there. connell: patrick, thanks. scary stuff. we will stay on top of that. patrick tucker. our trade fears, why one billionaire investor says absolutely. that is after the break. >> this is minuscule east mall. when people make a big fear over a little bad, it is very bullish. and at expedia, we don't think you should be rushed into booking one. that's why we created expedia's add-on advantage. now after booking your flight, you unlock discounts
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connell: trouble for wells fargo today. the bank says a computer glitch has cost hundreds of people to lose their homes to foreclosure. she's in the newsroom. >> we have another company that really isn't helping a cell for the 400 homeowners losing their homes in foreclosure because wells fargo miscalculated on their lives, which actually qualified for relief to these
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foreclosures are they took place from 2010 until 25th in a wells fargo says they have not set aside $8 million to compensate for their errors. the homeowners were actually impacted your current 400 women to foreclosures of that comes to around 12,800 per homeowner, which really isn't enough of course for those that lost their homes to buy them back. on top of that, the government agencies are investigating wells fargo and how they negotiate and purchase the federal income housing tax credit in connection with the financing of the low income housing development during the financial crisis airbus announced on friday as well. a long laundry list of bad employee behavior oversights or whatever you want to call it at wells fargo. in 2016 the ball rolling got started in 2061 wells fargo discovered 2 million fake accounts are open with other -- without the client's knowledge
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and resulted in a change in leadership. an omission of hundreds of thousands of auto loan customers pay for unnecessary insurance policies charging improper fees to some mortgage borrowers and the federal reserve said enough is enough and they took the unprecedented step to stop wells fargo from growing their assets any further. but that hasn't stopped wells from using their cash to increase their dividends. a big dividend increase and buy back shares in june. the stock has underperformed this year and it's down versus the rest of the banking sector. it was uncovered in 2016. sort of a long-awaited comeback shall we say. connell: we shall say that it's quite a hit list. susan, thanks to president trump says he will stay the course on tariffs. billionaire investor ken fisher says tough fears are overblown. listen to this. >> the tariffs are super bowl which in a way that nobody seems to wonders and.
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take all the terrorists anyone has seemed to talk about. the ones we've imposed on the retaliatory imac, two items of 640 billion tears that saw the ones we talked about. if the maximum rate was 25% i would be $160 billion tax crease. $160 billion potential tax increase and $80 trillion world that is growing gdp this year in nominal terms maybe 5% with 3% real and a couple% inflation. $4 trillion approximately of nominal gdp growth. that 160 as 4% of one year's growth rate. this is minuscule east mall. when people make a big fear over a little bad, it is very bullish. turn to john feldman joins us and from horizon investments comanches dratted just great
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failure joins us as well. i'm trying to figure this out. jack had a little smile on his face. i don't think either one of you. greg, i'll start with you. what do you think? i did follow what ken fisher is saying they are that think this is such a big deal. it turns out it really isn't and that is bullish for the market. we think of it? >> three quick points. we could win this fight. someone is going to cry uncle and i don't think it's going to be us. number two, the huge economy at ken fisher said. in an economy this day, the impact might be to her 310 to 1% on gdp, maybe a couple of inflation. the big play, number three in my opinion is that all of this uncertainty if it does develop a weaker at the end of the year, the fed may go a little slower on rate hikes in 2019. i think that is a good story.
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connell: taking ken fisher side of this. what is your take? >> i think he is quoting herbert hoover. when he was commerce secretary in the mid-1920s, little terror feared and there is not such a big deal. the good news here is this is a man-made crisis so that in the event that we do begin to spiral downward or restart to see perhaps a second contagion so to speak, we can reverse course pretty easily. and so, i do think this isn't a meteor from outer space. this is policy that can be reversed. but to suggest that a clampdown on global trade is a good thing i would go along with that. connell: we don't have very minimal examples for weekend. we ask people about it and they go back to things did not work out very well. that's why we don't have examples. but the markets have been
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hanging in, more than hanging in. i've got a think how that is because people kind of assume this is not going to go too far and if it darts to get there, we will back off. we will cut a deal for the president will claim victory and off to the races will go again. the wall street logic. >> i must confess i thought they would react more adversely. they have not. they've hung in there very nicely. what to watch in the future. this week i would watch a resumption of talks between the u.s. and mexico. that might prompt canadians by the end of the month to get back to negotiations. u.s.-china will be a nasty fight that will last for many, many more months. the overall impact on our economy and markets will be modest. connell: the nafta thing might be the first to get done it looks like. go ahead. >> from an investment point of view, there is a paper i'm doing
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this week suggesting that this global rate for hegemony from the trade that is very alleged for a country's largest companies. if you heard marco rubio on fox last week, he was downright panic about the potential of china overtaking us. nokia and apple are some of these companies down a peg just because we want to rein them in, they may have second thoughts if they think our foreign competitors are going to do that. i think they will let these companies go and that is pretty interesting implications for the investments they. connell: if we had more time we would talk about this. good to see you both again. when we come back, continuing the climb after the $1 trillion market cap and all the rest. another all-time high today.
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we will have more after a quick break. . . . .
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connell: so we talked a lot about iran today. market has been up and down. the plan to talk more about that tomorrow on this program. and the plan as of now, for me to host it again. i'm in for neil all week. unless somebody has seen today's show and made alternative plans. the dow is up and down. been a strange day.
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looked like trade tensions in the market. earnings took over. now we're flat for the day. up just seven points on dow jones industrial average. more on "cavuto: coast to coast" tomorrow. now trish regan to take you through the next hour. trish: thank you, connell. 10 hours from now the trump administration will reimpose toughest sanctions yet on iran. president trump sending a message to iran an rest of the world, era of bad deals, the era of apologies, that is over. that is the obama administration. this is the trump administration. we're looking at market up seven points, back in positive territory. i'm trish regan. welcome, everyone, to "the intelligence report. ♪ trish: president trump saying he is willing to tal


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